TPT to launch CDC pension scheme solutions

Following the Minister for Pensions’ recent announcement that legislation enabling multi-employer Collective Defined Contribution (CDC) schemes will be introduced after Parliament’s Summer Recess, TPT Retirement Solutions is embracing the opportunity for innovation within the pension sector with plans to launch its own pioneering CDC scheme.

TPT is the first provider to declare its intention to enter the multi-employer CDC pensions market. TPT is currently designing a new multi-employer CDC scheme, with plans to complete authorisation by the end of 2026.

The new multi-employer whole-of-life CDC pension scheme will extend TPT’s range of consolidation solutions in the UK.  In parallel, TPT will develop bespoke single-employer CDC schemes for larger businesses seeking tailored solutions. This new CDC offering will complement TPT’s existing DC and DB arrangements, resulting in an extensive range of pension scheme options for its clients.

TPT brings decades of multi-employer scheme experience and already administers DB and DC Master Trusts for 470,000 members. It is leveraging this expertise and a long history of pension innovation to design a contemporary CDC scheme following extensive engagement across the industry.

This new CDC scheme will sit alongside TPT’s innovative DB and DC propositions to offer employers and members lifelong retirement income options across DB, DC, and CDC models.

CDC schemes combine key features of Defined Benefit (DB) and Defined Contribution (DC) models. For members, they offer an income for life, similar to DB schemes. For employers, they provide cost certainty akin to DC schemes. 

Andy O’Regan, Chief Client Strategy Officer at TPT Retirement Solutions, said:

“We are excited to be at the forefront of pension innovation in the UK. Making CDC accessible to all employers, regardless of size, is a significant step forward for the industry. For interested employers, offering a CDC scheme could become a powerful tool for talent attraction and retention."

David Lane, Chief Executive of TPT Retirement Solutions, said: 

“The pensions industry is at a point where innovation is critical. We believe there is a clear opportunity for CDC schemes to fill a gap in the pensions market and could be the right solution for many employers and scheme members. Our track record in managing large-scale, multi-employer pension schemes means we are well-placed to lead this transformation.”

Minister for Pensions, Torsten Bell MP, said: 

“I am delighted to see TPT confirming plans for a multi-employer CDC scheme, just days after I set out the timeline for new legislation to enable these new types of pension schemes."

Notes to Editors

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with over 75 years’ experience of managing defined benefit and defined contribution pension schemes. It has £11.1 billion of assets under management (as at 30 September 2024) and more than 470,000 members.

TPT’s mission is to make pension schemes perform better for everyone, from the sponsoring employers and trustees to the members who are saving for the future. It is an innovative, forward-thinking organisation, investing in technology to improve the services they provide. TPT is ultimately owned by a pension fund, providing genuine alignment of interests with those of its clients and scheme members.

Our ownership

TPT Retirement Solutions Limited is wholly owned by Verity Trustees Limited in its capacity as trustee of The Pensions Trust.

TPT Investment Management Limited is a wholly owned subsidiary of TPT Retirement Solutions Limited.

Group Services & Regulation

Verity Trustees Limited is the corporate trustee of The Pensions Trust and The Pensions Trust 2016. It is a company limited by guarantee and is regulated by The Pensions Regulator. Registered in England and Wales under company number 00744017. Registered office: Verity House, 6 Canal Wharf, Leeds, LS11 5BQ

TPT Retirement Solutions Limited provides pension management and administration services to UK pension schemes. Registered in England and Wales under company number 09639961. Registered office: Verity House, 6 Canal Wharf, Leeds LS11 5BQ

TPT Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) and provides investment management and consultancy services to UK pension schemes. Registered in England and Wales under company number 14527587. Registered office: Verity House, 6 Canal Wharf, Leeds, LS11 5BQ.